Ties with Argentina ‘totally normal’ - Petrobras

19 April 2012 23:23  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazilian energy minister Edison Lobao said on Thursday Petrobras’s ties with Argentina are "totally normal", adding the company may make more investments in the country, according to media reports.

The minister’s response came two days after Argentina announced it would take over 51% of the oil company YPF, Reuters reported.

Recently, Petrobras lost the concession of the Veta Escondida energy field in Argentina’s Neuquen province.

Petrobras chief executive Maria das Gracas Foster will meet an Argentine government representative on 20 April, in order to discuss the loss of that concession.

On 4 April, Petrobras said it accomplished all the concessions required by the Argentine province, and invested more than $10m (€7.6m) in the energy field over the last three years.

However, local authorities in the Neuquen Province said Petrobras failed to invest sufficiently, Reuters reported.

Petrobras currently holds a stake in 19 oil-producing projects in Argentina and 14 exploratory areas, Reuters said.

According to local newspaper Valor, Lobao said YPF situation would not affect Brazilian investments in the region.


By: Leo Siqueira
+1 713 525 2600



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